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FTSE dips as Worldpay falls but Glencore leads miners higher

Discussion in 'Market News' started by Lily, Jun 8, 2016.

  1. Lily

    Lily Forum Member

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    After hitting a near six week high, leading shares slip back

    After the week’s gains so far, leading shares are taking a breather.

    Financial shares are among the fallers following lower than expected quarterly earnings from US payments technology group Verifone. The news has sent Worldpay down 4.8p to 275.6p, while banks are under pressure with Royal Bank of Scotland 4.5p lower at 225.2p and Barclays falling 2.25p to 178p.

    Another robust trading performance from WH Smith with the the third quarter update (14 weeks to 4 June) in line with expectations. Travel has good momentum ahead of its key summer trading period and High Street continues to be tightly managed. No change to forecasts expected. Despite strong, defensive cash generation, we see valuation (2017 estimated PE 16.3 times) up with short-term earnings momentum and it is difficult to see material upside from here without M&A activity within Travel. We maintain our hold recommendation.

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